Nigeria has taken a bold step by starting to sell crude oil and refined petroleum products in Naira, as announced by Minister of Finance Wale Edin. This policy, effective October 1, 2024, aims to conserve foreign exchange reserves and stabilize fuel prices . By selling crude oil to local refineries in Naira, the government hopes to reduce dollar outflows and strengthen the Naira.
The announcement about Nigeria selling crude oil and refined petroleum products in Naira was made through a statement by Mr. Mohammed Manga, Director of Information and Public Relations, over the weekend.
Following a meeting of the Implementation Committee, chaired by the minister, key stakeholders affirmed the commencement of this strategic initiative.
The meeting included notable participants such as the Honourable Minister of State for Petroleum, the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representatives from Dangote Group, and senior management from the Nigerian National Petroleum Company (NNPC), including the Group Chief Executive Officer and Chief Financial Officer.
This bold step by the administration of President Bola Ahmed Tinubu is anticipated to have a significant impact on Nigeria’s economy, promoting growth, stability, and self-sufficiency.
As Nigeria navigates the complexities of global markets, this strategic move positions the country for future success.
